ADHD Money: Five Quick ADHD Friendly Money Tips

Although the equinox would tell you otherwise, I believe that Labor Day weekend is the end of summer. Last barbecues, trips to the beach, nighttime bonfires. So in order to get us back to our weekend fun, here are five ADHD friendly tips for managing your money - a quick read that you can tuck away for perusing next week, pumpkin spiced latte in hand.

1 - Checking and Savings Accounts with Spending Buckets - these are a great way to save for emergencies, goals, or upcoming events. Within your one account, you can divide your money into labeled buckets, and contribute to them as you wish. They are also not time limited; in other words, you can move money in and out of them at any time. I use these to accrue money for monthly bills, large expenses, and travel. For ADHDers who think in the “now,” having these buckets stare you in the face can help you remember to attempt to plan ahead.

2 - Check your Credit Score consistently, and Credit Report occasionally - creditkarma.com allows you to check your credit score without a fee. Knowing your credit score, and how you got there, is important. If you ever want to borrow money (including car loans and mortgages), your credit score will be a key factor in whether you get the loan, and how expensive it is to borrow. If you have had ADHD related difficulties with paying your bills on time, your score will be negatively impacted. Your credit report tells you what lines of credit you currently have. While it’s not necessary to check this as often as your credit score, you should check each rating agency at least once a year. You may find credit cards that you thought were closed out long ago; you may also find credit cards that you have no knowledge of (which requires an immediate call to the rating agency, since you may be a victim of fraud).

3 - Autopay, autopay, autopay! - ADHDers experience executive function challenges, which can cause issues with paying bills on time. As mentioned above, this can ultimately affect your ability to borrow money, and the cost of doing so. Even if you don’t have issues with paying bills on time, setting up autopay is still a good idea, since it protects you from late payments when you might be sick, busy, or dealing with an emergency. 

4 - Check your balances daily - including checking, savings, and credit cards. Many ADHDers bury their heads in the sand when it comes to money. They feel guilt and shame related to late payments, lack of savings, and impulsive spending, so they just avoid the whole thing. Checking daily - stack this with something you already do! - not only allows you to become familiar with your spending and savings patterns, it also helps to mitigate fears you might have when it comes to your money. So hold your nose and jump in, every day!

5 - Allow yourself a small budget for frivolity - One of the reasons many ADHDers have large credit card balances is that they partake in the dopamine surge associated with a successful shopping session. Think of it as the thrill of the hunt! Completely cutting yourself off from some fun spending is a recipe for giving up, and then going overboard. Give yourself a small budget for a little shopping, and make a list of things that don’t cost a lot, but will give you the satisfaction of treating yourself.

There are my quick five ADHD friendly ways to improve your money management story. Let me know if you have any tips that have worked for you! And enjoy the last gasp of summer!